HW AEC Software Introduction

HARRIS WILLIAMS (“HW”) HW TECHNOLOGY, MEDIA & TELECOM (“TMT”) GROUP • 25+ years and more than 1,000 closed transactions • 35+ professionals across Boston, San Francisco, and London • 350+ professionals across eight office globally • 170+ closed transactions in the last 24 months KEY THEMES • 10 industry groups ✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓A.I. / Machine Learning HORIZONTAL FOCUS AREAS VERTICAL FOCUS AREAS FOCUSED ADVISORY SERVICES • Application Software • Architecture, Engineering, and Construction Software • Mergers and Acquisitions (M&A) • Cloud Managed Services and Hosting Solutions • Education Technology and Services • Capital Raises • Compliance Solutions • Energy Technology • Corporate Divestitures • CRM and Marketing Automation • Facilities and Real Estate Software • Human Capital Management • Financial Technology and Payments • Infrastructure and Security Software • Government Technology CONSISTENT RECOGNITION FOR QUALITY • IT and Tech-Enabled Services • Healthcare IT • Marketing, Research, and Insights Services • Industrial and Supply Chain Technology • Internet and eCommerce • Retail Technology

HW ARCHITECTURE, ENGINEERING, AND CONSTRUCTION TEAM TECHNOLOGY, MEDIA & TELECOM GROUP BUILDING PRODUCTS & MATERIALS GROUP

Tyler Dewing Thierry Monjauze Priyanka Naithani Michael Hogan Tim Webb [email protected] [email protected] [email protected] [email protected] [email protected] Office: +1 617-654-2133 Office: +44 20 7518 8901 Office: (617) 654-2115 Office: (804) 915-0104 Office: (804) 915-0128 Julien Oussadon Ryan Costa Graham Rives [email protected] [email protected] [email protected] Office: +44 20 7518 8909 Office: (617) 654-2120 Office: (804) 887-6055

SELECT HW made a strategic has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by AEC investment in EXPERIENCE

1 HW Current Market Observations and Insights

CURRENT MARKET OBSERVATIONS LATEST HW MARKET INSIGHTS

Economic Outlook For access to HW’s latest insight and perspective, email us at [email protected] or visit • Volatility in the public markets will likely remain as investors, businesses, and policy- www.harriswilliams.com/news-insights makers evaluate rapidly evolving COVID-19 developments • Economists and industry analysts expect a meaningful decline in GDP in Q2 and Q3, though they debate the shape and timing of the recovery

Buyer Sentiment Recent Publications:

• The desire to invest remains – buyers are actively seeking to deploy capital Global Consumer Businesses Consider • Private equity firms and strategic acquirers have focused on meeting near-term Emergence from COVID-19 operational needs and assessing the medium- to long-term impact of COVID-19 • Despite economic uncertainty, financial sponsors have record levels of capital to deploy, M&A Learnings from Past and many are communicating that they are “open for business,” while acknowledging Economic Disruptions high-quality deal flow will be limited • As capital markets stabilize, companies with strong liquidity positions will be well- COVID-19 and M&A: positioned to pursue acquisitions that accelerate growth Insights from Asia

Debt Markets • In contrast to the first half of 1Q’20, debt markets have shifted to a risk-off mentality Deep Sector Expertise Across Key TMT Focus Areas • Concerns over liquidity and funding availability contribute to uncertainty regarding the duration of the COVID-19 risk mitigation focus • Architecture, Engineering, and Construction • Education Technology and Services M&A Valuations • Financial Technology and Payments • Healthcare IT • COVID-19 has pushed time lines for many transactions, but select deals are still closing • Industrial and Supply Chain Technology successfully. Some may be temporarily on hold, and others are preparing for market and • carefully weighing timing …and more • Companies that prove their ability to weather the current circumstances will receive For access to HW’s TMT content, email us at significant interest and garner premium valuations [email protected]

2 Case Study: ComputerEase

HW recently advised ComputerEase on its sale to Deltek, a subsidiary of Roper Technologies.

TRANSACTION OVERVIEW

ComputerEase is a leading provider of mission-critical construction accounting, project management, and payroll processing solutions that enable contractors to manage and gain real-time visibility into their company’s operations and financial performance – whether in the office or remotely in the field.

ComputerEase’s fully integrated, cloud-based solution is purpose built to meet the unique needs of diverse has been acquired by contractor trades and sizes, with complex and varying union, labor, and equipment requirements. Today, more than 6,000 contractors rely on ComputerEase to streamline their operations and increase profits.

Deltek is a leading global provider of enterprise software and information solutions for project-based businesses. More than 23,000 organizations and millions of users in over 80 countries around the world rely on Deltek for superior levels of project intelligence, management, and collaboration. The company’s industry-focused expertise powers project success by helping firms achieve performance that maximizes a subsidiary of productivity and revenue.

RELEVANT SUB - SECTORS

ARCHITECTURE, ENGINEERING, ERP / PROJECT MANAGEMENT SAAS AND CONSTRUCTION SOFTWARE

HW DEAL CONTACTS

Tyler Dewing Priyanka Naithani Scott Reinig Ryan Costa Managing Director Director Director Vice President [email protected] [email protected] [email protected] [email protected] 617-654-2133 617-654-2115 617-654-2113 Office: (617) 654-2120

3 Case Study: IQMS Software

HW advised IQMS, a portfolio company of Technology Crossover Ventures and Banneker Partners, on its sale to Dassault Systemes.

TRANSACTION OVERVIEW

IQMS is a leading provider of fully integrated software solutions that manage, optimize, and automate production operations and back-office workflows for manufacturers across diverse end markets, globally.

Through its comprehensive manufacturing execution system (MES) and enterprise resource planning (ERP) a portfolio company of software platform, IQMS’ solutions provide manufacturers with a comprehensive end-to-end suite that provides real-time visibility and actionable insights throughout the manufacturing life cycle.

IQMS serves over 1,000 long-standing customers across diverse end markets, including automotive, medical, packaging, consumer goods, electronics, and aerospace and defense in a growing $35 billion global market. AND Dassault Systemes will help IQMS expand its customer base by leveraging the presence in the mid-market space established through Dassault’s SOLIDWORKS applications, which are delivered and supported by the company’s Professional Solutions global partner channel.

has been acquired by

RELEVANT SUB - SECTORS

MANUFACTURING & OPERATIONS MANUFACTURING ERP SOFTWARE INDUSTRIAL IOT

HW DEAL CONTACTS

Tyler Dewing Thierry Monjauze Erik Szyndlar Andy Leed Managing Director Managing Director Managing Director Director [email protected] [email protected] [email protected] [email protected] 617-654-2133 +44 20 7518 8901 415-217-3418 415-217-3420

4 What We’re Reading

AS CORONAVIRUS NECESSITATES TECHNOLOGY USAGE, INVESTORS SEEM KEEN ON CONTECH Construction Dive April 8, 2020 Investor sentiment among construction technology (contech) focused venture capital and private equity firms remains high, despite recent government-imposed limitations on construction activity. Many contractors are turning to tech to manage employees working remotely and turning to drones and robotic solutions to help with social distancing. Field focused contech firms may struggle in the near term, while solutions that deliver efficient workflows and back-end design and engineering are currently well positioned. Read the full article here. CONSULTANT PREDICTS A POST-CORONAVIRUS 'CONSTRUCTION TSUNAMI' Construction Dive April 2, 2020 As the coronavirus has led to major supply chain disruptions in goods sourced from China, U.S. businesses will likely be hesitant to resume orders from this part of the world. This dynamic will lead to a surge in demand for new manufacturing- and supply chain-related projects as the country looks to re-shore manufacturing ability in the U.S. and Mexico. Pent-up sector-wide demand from current construction shutdowns will lead to a “construction tsunami” beginning in Q3 2020. Additionally, an expansion of the design-build delivery model could help deal with fast-moving situations like the coronavirus, where solving problems requires a team approach, flexibility, and fast decision making. Read the full article here. CORONAVIRUS 2020 TECHNOLOGY GAME PLAN: CUT COSTS TO SURVIVE BUT ACCELERATE TRANSFORMATION Construction Dive April 1, 2020 In the wake of the COVID-19 outbreak, companies are focusing on executing two distinct technology strategies: during and post-pandemic. In the near term, demand for cloud- based services has spiked, though IT services have declined sharply as IT projects have largely been put on hold. Risk mitigation has become the top priority as companies will focus on slashing budgets, but based on Gartner’s received inquiries, there is no change in appetite for talking about cloud migration. Those companies that are midway through cloud migration or automation projects will continue full steam ahead. Read the full article here. TECHNOLOGICAL ADVANCEMENTS DISRUPTING THE GLOBAL CONSTRUCTION INDUSTRY Ernst & Young LLP March 23, 2020 Construction technology tools like Internet of Things (IoT) and Building Information Modeling (BIM) will continue to see steady growth between now and 2025. Niche-focused specialized solutions like smart building technologies and 3D printing will see more rapid growth. Additionally, full-scale digitization in the design and documentation process could lead to an estimated 12% to 20% increase in the industry’s current annual cost savings related to those tools in the next 10 years. Read the full article here. BENTLEY CONFIDENTIALLY FILES S-1 PROCORE FILES S-1 Business Wire February 13, 2020 Construction Dive March 4, 2020 On February 13, , the Exton, PA-based construction software company, On February 28, Procore Technologies, the Carpinteria, CA-based construction project announced that it had confidentially submitted a draft registration statement on Form management software company, filed the required paperwork with the U.S. Securities S-1 with the Securities and Exchange Commission relating to the proposed public listing and Exchange Commission announcing its plans for an initial public offering. The IPO is of its Class B common stock. The business has been contemplating the idea of going expected to value the company at over $4B. No date has been set for the listing. public for years and received an additional €50M in investment from Siemens in 2018. Read the full article here. Read the full article here.

5 Construction Activity Trends1

OVERALL CONSTRUCTION SPEND CONSTRUCTION EMPLOYMENT

▪ The value of construction put in place in Q1 reached $1,367B, a slight ▪ Employment in the construction industry reached 7.6M in Q1, increase from the previous quarter remaining in line with the previous quarter

▪ The growth in construction volume was driven mainly by increases in ▪ Construction job growth has remained steady since a trough in early the residential and commercial construction sectors 2010; however, the pace has lagged overall job growth across the economy ▪ Residential construction continues to be the largest contributor to construction activity, as the U.S. manages through a lack of inventory ▪ Unemployment in the construction industry has remained below in single-family and multifamily inventory overall unemployment as demand for skilled trades outweighs the supply of specialty contractors

TOTAL U.S. CONSTRUCTION PUT IN PLACE U.S. CONSTRUCTION EMPLOYMENT

($ in billions) (in 000’s)

$1,500 9,000 30.0%

$1,400 8,000 25.0% 7,000 $1,300 6,000 20.0% $1,200 5,000 $1,100 15.0% 4,000 $1,000 3,000 10.0% $900 2,000 5.0% $800 1,000

$700 0 0.0%

Value of U.S. Construction Put in Place (SAAR) U.S. Construction Employment (SAAR) U.S. Construction Unemployment (Unadjusted)

6 Recent AEC Software Transactions2,3,4

Announced: March 31, 2020 Thoma Bravo’s pending acquisition of Command Alkon › Command Alkon is a provider of a supply chain integration and digital collaboration platform for the heavy construction ecosystem › The Company's cloud-based solution enables contractors and project owners to digitally connect with their heavy material suppliers, producers, and haulers to automate inter-company workflows and provide visibility into real-time order status Enterprise Value: NM EV / Rev: NM › Post acquisition, Thoma Bravo plans to invest in next-generation cloud capabilities to speed Command Alkon’s integration into inter- Revenue: NM EV / EBITDA: NM company supply chain operations in heavy construction

Closed: March 11, 2020 Bentley Systems’ acquisition of GroupBC › GroupBC is a provider of data and information management software for construction project and built asset management › The Company’s cloud-based common data environment enables project teams and stakeholders to collaborate, manage, and share Enterprise Value: NM EV / Rev: NM documents, data, and spatial information from a centralized, secure platform › The acquisition of GroupBC follows years of collaboration with Bentley and will allow the combined organization to better serve engineers, Revenue: NM EV / EBITDA: NM contractors, and owners by bringing together their collective information management, operational technologies, and engineering models across a common collaboration platform

Closed: March 6, 2020 Battery Ventures’ acquisition of WinWorker › WinWorker is a provider of business and field service management software for trade craftsmen › The Company’s desktop and mobile software provides trade contractors, primarily painters, roofers, and landscapers, with tools for workforce management and scheduling, material management, and resource planning amongst a list of additional functional modules Enterprise Value: NM EV / Rev: NM › Post acquisition, Battery plans to accelerate the company's growth through continued product innovation, enhanced customer service, and Revenue: NM EV / EBITDA: NM the establishment of new partnerships with key industry organizations

Announced: February 13, 2020 Schneider Electric’s pending acquisition of RIB Software › RIB is a global provider of a portfolio of ERP and Building Information Modeling (BIM) software solutions for the construction industry › The Company's flagship cloud-based construction ERP platform provides project stakeholders native 5D BIM integration and advanced AI tools to manage projects in real time and collaborate across work streams Enterprise Value: $1.7B EV / Rev: 6.2x › With the acquisition of RIB, Schneider will now be able to provide customers with a suite of energy management solutions that encompass Revenue: $234.7M EV / EBITDA: 26.4x the entire building life cycle from construction through operations

Closed: January 21, 2020 Built’s acquisition of Lienwaivers.io › Lienwaivers.io is a provider of lien waiver management and payment solutions for commercial and residential construction › The Company’s API provides a direct integration with the leading construction project management platforms, enabling customers to seamlessly request, collect, and track their lien waivers and payments from within their project management solution Enterprise Value: NM EV / Rev: NM › The acquisition of Lienwaivers positions Built as the first full-stack construction finance platform, providing solutions for key stakeholders in Revenue: NM EV / EBITDA: NM the construction finance process

7 Large Market Opportunity Driving Significant M&A Activity

After decades of technological stagnation in the construction industry, rapid adoption of new technologies has driven strong M&A activity.

RECENT AEC TRANSACTIONS

Bain Catalyst Capital TriBuild Battery Genstar Ventures

Battery Trimble Ventures Battery Ventures Autodesk Fortive PTC Think Project

Roper Roper Trimble Tiger Apax Partners Accruent IFS Bentley Schneider Systems

2017 2018 2019 2020

RIB RIB Trimble Software Deltek Thoma Roper Bentley Bravo Hyphen PWP Systems CBRE Apax Partners Dassault Harvest JLL Deltek Partners Oracle Serent Fortive PWP Capital Procore Schneider

8 Active AEC Software Consolidators3,4

AEC software providers continue to consolidate the highly fragmented industry to establish platforms of scale.

NOTABLE INDUSTRY CONSOLIDATORS DEAL COUNT

(Number of Acquisitions) 2020 YTD 2019 2018 2017 5

1

3 5

1 6 2 2 3 3 2 3 1 4 2 3 1 2 2 2 1 1 1

DRIVERS OF CONSOLIDATION

Desire by strategics to create platforms to manage the entire Pressure for detailed project information to be available and shared 01 construction life cycle – design, build, and operate 02 in real time across project stakeholders

Adoption and integration of field and mobile tools into the jobsite Rapidly increasing usage of 5D BIM by key project constituents 03 to enhance productivity, safety, and project economics 04

Note: Includes architecture, engineering, and construction sector control transactions made by parent or subsidiary. 9 M&A Transaction Activity3,4

SELECT RECENT M&A TRANSACTIONS Date LTM Multiples Closed Target Acquirer Business Description Enterprise Value Revenue EBITDA Provider of a supply chain integration and digital collaboration platform Pending Command Alkon Thoma Bravo NM NM NM for the heavy construction ecosystem Provider of photonic simulation software for designers to predict light's Pending Lumerical ANSYS NM NM NM behaviour within complex structures and systems Provider of a real-time 3D design platform to review projects in virtual Pending Mindesk Vection Technologies 4 NM NM reality Provider of computer-aided engineering softwares for automotive, wind Pending Romax Technology Hexagon AB NM NM NM energy, bearings, aerospace, marine, off highway, and rail industries Provider of a portfolio of ERP and Building Information Management Pending RIB Software Schneider Electric 1,446 6.2 x NM software solutions for the construction industry Provider of dumpsters, storage containers, and portable toilets for the retail 04/01/2020 Equipment Management Group BigRentz NM NM NM and commercial construction industry Provider of mechanical fatigue simulation solutions for manufacturers to 03/17/2020 CAEfatigue Hexagon AB NM NM NM improve their product design, quality, and reliability Provider of data and information management software for construction 03/11/2020 GroupBC Bentley Systems NM NM NM project and built asset management Provider of wireless sensors designed to provide General Contracters with 03/11/2020 Concrete Sensors Hilti Aktiengesellschaft NM NM NM real-time data on their concrete Provider of solutions for managing and leveraging the 3D data for the AEC 03/10/2020 Cintoo SAS BNP Paribas NM NM NM and BIM industries Provider of business and field service management software for trade 03/06/2020 WinWorker Battery Ventures NM NM NM craftsmen Provider of modular software toolkits for integration into 3D and CAD 02/21/2020 Tech Soft 3D Battery Ventures NM NM NM modeling software Provider of enterprise resource planning software for the construction, 02/21/2020 Informatique Côté Coulombe ACCEO Solutions NM NM NM distribution, retail, sales and service, and printing sectors Provider of electronic design software solutions for the semiconductor and 02/06/2020 Integrand Software Cadence Design Systems NM NM NM electronics industries Provider of a B2B and Saas solution for the analysis of geo-data for the 01/28/2020 Geospin Thüga SmartService NM NM NM construction industry Provider of lien waiver management and payment solutions for commercial 01/21/2020 Lienwaivers.io Built Technologies NM NM NM and residential construction Provider of 3D models, drawings, documents, and building information 01/09/2020 uniZite Symetri Collaboration NM NM NM modeling for construction sites Provider of information technology and software services for engineering 01/07/2020 TriMech Solutions The Halifax Group NM NM NM teams that work on projects from sketch to manufacturing Provider of a software solution for the study of antennas, radar cross 01/06/2020 newFASANT Altair Engineering NM NM NM section, radiation patterns, and telecommunications systems

10 M&A Transaction Activity (cont’d)3,4

SELECT RECENT M&A TRANSACTIONS Date LTM Multiples Closed Target Acquirer Business Description Enterprise Value Revenue EBITDA Provider of computer-aided design and analysis solutions for the 12/20/2019 GRAITEC Innovation SAS Apax Partners NM NM NM construction and engineering fields Provider of a financial software solution for architecture, engineering, and 11/26/2019 EleVia Software Newforma (Battery Ventures) NM NM NM professional service firms

11/07/2019 DEM Solutions Altair Engineering Provider of a discrete element method software for bulk material simulation 13 NM NM

11/01/2019 Onshape PTC Provider of a cloud based, 3D designing and drawing software solution 470 NM NM

Provider of software products for automobile design, aerospace, 11/01/2019 Livermore Software Technology ANSYS 765 NM NM manufacturing, and bioengineering industries Provider of SaaS solutions for small, medium, large and giant-scale 10/31/2019 Conclude GmbH think project! (TA Associates) NM NM NM construction projects Provider of an analytics platform for businesses and government agencies 10/20/2019 Citilabs Inc. Bentley Systems NM NM NM and tools for the automation of mapping production Provider of geographic information systems and a public asset management 10/18/2019 CityWorks Trimble NM NM NM platform for local governments, public works, and utilities agencies Provider of construction accounting, project management, and field 08/19/2019 ComputerEase Deltek (Roper) HW management software solutions for businesses and their assets Provider of generation analytics and artificial intelligence software for the 08/08/2019 Construction BI Procore Technologies NM NM NM construction industry Provider of a data-driven project management and procurement platform for 07/30/2019 Honest Buildings Procore Technologies 144 NM NM real estate owners Provider of software tools that are used to improve the specification 06/06/2019 Building Systems Design RIB Software 70 NM NM process for architecture, engineering, and construction Provider of an enterprise resource planning platform for residential 05/30/2019 HomeFront Software Hyphen Solutions (PWP) NM NM NM builders Provider of a cloud-based construction management software for the 03/08/2019 RADAR Construction Software TriBuild NM NM NM construction industry Provider of supplier qualification and management solutions for various 02/14/2019 Browz Avetta NM NM NM industries Provider of computer-aided design and manufacture software solutions for 02/11/2019 SignCAD Systems Bentley Systems NM NM NM the transportation industry Provider of cloud-based, field service software solutions that help 02/04/2019 ServiceMax Silver Lake NM NM NM companies to manage contracts and scheduling Provider of a communication platform to find, communicate, and share 01/23/2019 BuildingConnected Autodesk 275 NM NM documents with general contractors and subcontractors Provider of enterprise resource planning software systems for 01/08/2019 IQMS Dassault Systèmes HW manufacturing industries

11 Recent AEC Software Private Placements3,4

TOTAL ROUND DATE COMPANY ROUND RAISED INVESTORS (CURRENT ROUND) DESCRIPTION SIZE ($MM) ($MM)

Note: Financial information presented above represents reported capital raised only. 12 Public Market Observations2

As of March 31, 2020

400% (Median)

300% Enterprise Value / 200% LTM Rev. LTM EBITDA 2020P EBITDA 100% As of 3/31 9.1x 36.8x 25.9x

Core AEC Core 0% As of 2/14 11.9x 30.7x 30.5x Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 S&P500 Core AEC

400% (Median)

300% Enterprise Value / 200% LTM Rev. LTM EBITDA 2020P EBITDA

100% As of 3/31 6.4x 29.4x 19.9x

Engineering 0% As of 2/14 8.7x 36.2x 23.5x

Product Design / Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 S&P500 Product Design / Engineering CONSTRUCTION - REFERENCE ONLY

(Median) 200%

150% Enterprise Value / 100% LTM Rev. LTM EBITDA 2020P EBITDA As of 3/31 0.5x 9.4x 7.0x 50%

0% As of 2/14 0.7x 12.8x 9.8x Engineering, Construction Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Procurement, and S&P500 Engineering, Procurement, and Construction

250% 200% Enterprise Value / 150% LTM Rev. LTM EBITDA 2020P EBITDA 100% As of 3/31 0.9x 7.1x 7.2x 50%

As of 2/14 1.4x 11.4x 9.7x Construction Residential 0% Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 S&P500 Residential

200%

150% Enterprise Value /

100% LTM Rev. LTM EBITDA 2020P EBITDA Priv. Priv. - As of 3/31 1.4x 6.9x 8.8x 50%

Pub. 0% As of 2/14 1.7x 8.5x 7.8x

Infrastructure Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 S&P500 European Public - Private Partnerships

13 Notable Public Market Activity2,3,4

SCHNEIDER ELECTRIC OFFERS TENDER OFFER FOR RIB (2/13/20) PROCORE FILES S-1 (2/28/20)

Read the full article here. Read the full article here. ▪ Schneider Electric launched a €29 per share tender offer to acquire RIB ▪ Procore, the Bessemer Venture, Tiger Global, and ICONIQ backed construction ▪ The combination with RIB will enable Schneider to provide its customers with an company, recently filed its S-1 with the SEC after years of speculation on its IPO timing integrated suite of building management tools from construction through operation ▪ The Carpinteria, CA-based company had raised a total of $490M, the most recent round valuing the company at $4.6B ▪ A time line for the listing has not been set SCHNEIDER ACQUISITIONS RIB ACQUISITIONS FUNDING ROUNDS ACQUISITIONS Target Date Target Date Round Amount/Valuation Date Target Date

2/13/20 11/27/19 Series I $80.0M/$4.6B 9/24/19 12/1/19 Series H1 $103.5M/$3.2B 7/30/19 2/1/19 8/27/19 8/8/19 Series H $75.0M/$2.9B 12/13/18

6/30/17 6/5/19 Series G $50.0M/$931.1M 12/8/16 9/25/18 RIB SOLUTION OFFERING SOLUTION OFFERING 01 | Plan 02 | Construct 03 | Operate CAD INTEGRATION CAD CIVIL ENGINEERING CAD BUILDING CONSTRUCTION COST PLANNING / AKVS STRUCTURAL ENGINEERING 5D MODEL PROCESSING TENDERING, AWARD, AND INVOICING (AWA) BUILDING OPERATIONS MAINTENANCE / OPERATION E-TENDERING FINANCING MOBILE APPLICATIONS PROJECT COLLABORATION & CONTROL SCHNEIDER ORGANIZATIONAL STRUCTURE

Partnership RIB Digital with other (Construction Services Digital Digital players Software)

Operations (Advisors)

Building Field

14 AEC Trading Comparables2

VALUATION AND OPERATING METRICS As of March 31, 2020 ($ in millions, excl. stock price) Stock Performance Current % of LTM TEV / EBITDA Mkt Cap TEV Price LTM High Revenue % Growth EBITDA Margin LTM 2020P CORE AEC Dassault Systèmes SE $38,575 $41,617 $148.35 82.2% $4,609 13.5% $1,129 24.5% 36.8x 24.8x Autodesk, Inc. 34,267 34,968 156.10 73.8% 3,274 27.4% 468 14.3% NM 27.1x Trimble Inc. 7,963 9,761 31.83 68.2% 3,264 5.0% 632 19.3% 15.5x 14.0x Nemetschek SE 5,747 5,801 49.76 65.6% 627 18.3% 147 23.4% 39.6x 28.4x Core AEC Median $21,115 $22,365 $99.05 71.0% $3,269 15.9% $550 21.4% 36.8x 25.9x PRODUCT DESIGN / ENGINEERING ANSYS, Inc. $19,973 $19,709 $232.47 77.7% $1,516 17.2% $582 38.4% 33.9x 27.3x Synopsys, Inc. 19,348 19,512 128.79 77.2% 3,375 6.4% 663 19.7% 29.4x 16.5x Cadence Design Systems, Inc. 18,546 18,293 66.04 82.1% 2,378 8.2% 640 26.9% 28.6x 19.9x PTC Inc. 7,069 8,153 61.21 59.7% 1,277 0.6% 166 13.0% NM 17.4x Altair Engineering Inc. 1,922 1,907 26.50 61.2% 459 15.8% 30 6.5% NM 37.5x Product Design / Engineering Median $18,546 $18,293 $66.04 77.2% $1,516 8.2% $582 19.7% 29.4x 19.9x

AEC Software Median $18,502 $18,249 $66.04 73.8% $2,378 13.3% $582 19.7% 31.6x 24.8x CONSTRUCTION - FOR REFERENCE ONLY Residential D.R. Horton, Inc. $12,456 $15,007 $34.00 54.4% $18,095 11.3% $2,298 12.7% 6.5x 5.8x Lennar Corporation 11,940 20,387 38.20 53.5% $22,897 6.7% 2,689 11.7% 7.6x 8.9x NVR, Inc. 9,475 9,055 2,569.11 63.1% $7,426 3.3% 1,071 14.4% 8.5x 8.7x PulteGroup, Inc. 6,015 8,024 22.32 47.1% $10,213 0.2% 1,409 13.8% 5.7x 4.7x $10,708 $12,031 $36.10 53.9% $14,154 5.0% $1,853 13.2% 7.1x 7.2x Engineering, Procurement, and Construction Jacobs Engineering Group Inc. 10,547 12,025 79.27 76.2% $13,014 9.6% 977 7.5% 12.3x 10.5x Skanska AB (publ) 6,273 7,066 15.25 63.0% $18,502 (4.3%) 980 5.3% 7.2x 6.9x WSP Global Inc. 5,983 7,671 56.38 81.5% $6,874 18.6% 560 8.2% 13.7x 10.2x AECOM 4,735 8,584 29.85 57.0% $20,053 7.8% 949 4.7% 9.0x 11.3x HOCHTIEF Aktiengesellschaft 4,682 4,522 66.48 44.8% $29,011 6.1% 1,533 5.3% 2.9x 2.3x KBR, Inc. 2,935 3,717 20.68 64.8% $5,639 14.8% 378 6.7% 9.8x 7.2x SNC-Lavalin Group Inc. 2,571 3,661 14.65 58.8% $7,336 (0.7%) 299 4.1% 12.2x 6.8x John Wood Group, PLC 1,301 3,370 1.94 27.8% $9,890 (1.2%) 549 5.5% 6.1x 4.7x $4,708 $5,794 $25.27 60.9% $11,452 7.0% $755 5.4% 9.4x 7.0x European Public - Private Partnerships VINCI SA 45,870 76,539 82.86 70.2% $54,932 8.2% 8,925 16.2% 8.6x 8.8x Ferrovial, S.A. 17,591 23,012 24.03 71.7% $6,794 3.4% 20 0.3% NM 39.9x Bouygues SA 11,155 17,112 29.36 64.7% $42,564 4.6% 3,877 9.1% 4.4x 4.3x Atlantia S.p.A. 10,274 52,143 12.56 45.8% $12,804 69.1% 7,268 56.8% 7.2x 8.9x Eiffage SA 6,903 20,669 70.88 57.7% $20,974 8.5% 3,088 14.7% 6.7x 7.1x $11,155 $23,012 $29.36 64.7% $20,974 8.2% $3,877 14.7% 6.9x 8.8x Construction Median $6,903 $9,055 $29.85 58.8% $13,014 6.7% $1,071 8.2% 7.4x 7.2x

15 Public Comparables: Revenue Multiples2

CORE AEC AND PRODUCT DESIGN / ENGINEERING METRICS EV / CY2019 REVENUE MULTIPLES EV / CY2020P REVENUE MULTIPLES

Core AEC Product Design / Engineering Core AEC Product Design / Engineering

13.0 x

11.1 x 11.9 x Median 9.3 x 9.2 x 9.3x 9.0 x 7.8 x 8.3 x Median Median 7.8 x 8.1x 6.4 x 7.2 x 5.8 x 6.4x Median 5.4 x 4.2 x 5.2 x 5.4x 3.9 x 3.0 x 3.1 x

CY2019 REVENUE GROWTH RATES CY2020P REVENUE GROWTH RATES

Core AEC Product Design / Engineering Core AEC Product Design / Engineering

28.8% 24.5% 18.0% 17.6% 18.3% 17.2% Median Median 15.7% 14.6% Median 13.3% 15.8% 11.6% 11.2% 9.5% Median 9.5% 9.4% 9.3% 9.3% 8.0% 6.4% 5.0% 0.6% (2.4%)

16 Public Comparables: EBITDA Multiples2

CORE AEC AND PRODUCT DESIGN / ENGINEERING METRICS EV / CY2019 EBITDA MULTIPLES EV / CY2020P EBITDA MULTIPLES

Core AEC Product Design / Engineering Core AEC Product Design / Engineering

37.5 x 39.6 x 36.6 x Median 33.9 x 36.6x Median 29.4 x 29.2 x 27.3 x 29.4x 28.4 x 27.1 x Median 24.8 x 25.9x Median 19.9 x 19.9x 17.4 x 16.5 x 15.5 x 14.0 x

NM NM NM

CY2019 EBITDA GROWTH RATES CY2020P EBITDA GROWTH RATES

Core AEC Product Design / Engineering Core AEC Product Design / Engineering

22.9% 78.7% 19.0% 18.8% 71.2% Median Median 59.1% 47.0% 13.4% 47.4% Median 39.4% Median 39.4% 8.2% 7.9% 8.2% 23.9% 5.6% 10.2% 1.2% NM NM NM NM

17 TO VIEW FULL MARKET MAP PLEASE CONTACT: AEC Software Landscape [email protected]

DIVERSIFIED ERP AEC SPECIFIC ERP

DESIGN PLAN BUILD MAINTAIN

COLLABORATION TOOLS

18 Harris Williams Capabilities and Locations

Harris Williams has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence, and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

Aerospace, Defense & Building Products Business Consumer Energy, Power Healthcare Industrials Specialty Technology, Transportation Government Services & Materials Services & Infrastructure & Life Sciences Distribution Media & Telecom & Logistics

Harris Williams Office Locations

United States Europe

Boston Richmond (Headquarters) Frankfurt One International Place 1001 Haxall Point Bockenheimer Landstrasse 33-35 Suite 2620 9th Floor 60325 Frankfurt Boston, Massachusetts 02110 Richmond, Virginia 23219 Germany Phone: +1 (617) 482-7501 Phone: +1 (804) 648-0072 Phone: +49 069 3650638 00

Cleveland San Francisco London 1900 East 9th Street 575 Market Street 25 Savile Row 20th Floor 31st Floor 4th Floor Cleveland, Ohio 44114 San Francisco, California 94105 London W1S 2ER, England Phone: +1 (216) 689-2400 Phone: +1 (415) 288-4260 Phone: +44 (0) 20 7518 8900

Minneapolis Washington, D.C. 222 South 9th Street 800 17th St. NW Suite 3350 2nd Floor Minneapolis, Minnesota 55402 Washington, D.C. 20006 Phone: +1 (612) 359-2700 Phone: +1 (202) 207-2300

19 Sources & Disclosures

Sources

1. FRED 2. CapIQ 3. PitchBook 4. MergerMarket

Disclosures

The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: [email protected]). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

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